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Jakarta Post

Insurance firms look to go digital to tap into millennial market

  • Made Anthony Iswara

    The Jakarta Post

PREMIUM
Jakarta   /   Mon, June 3, 2019   /  09:58 am
The Jakarta Post Image
A woman walks by the Allianz logo. (Kontan/ Fransiskus Simbolon)

The life insurance industry is looking to technological innovation to tap into Indonesia’s growing middle-class millennial market, which is expected to propel the sector’s growth over the next few years. Sun Life Financial Global CEO Dean A. Connor said recently that he saw “tremendous potential” in the Indonesian market given the rapidly increasing middle-income population. World Bank data also suggests that Indonesia will soon attain upper-middle income status, as the country’s per capita income reached US$3,846 in 2017. Connor said the middle-class market segment the company had been particularly “aggressive” in its efforts to reach was millennials, a tech-savvy generation aged between 20 and 34 years old that now accounts for around 34 percent of the country’s total population of 255 million. Globally, he claimed t...